Paris office lettings

Hammerson PLC
23 October 2002



For immediate release - Wednesday, 23 October 2002


Hammerson Agrees Paris Office Lettings


Hammerson plc has agreed heads of terms for the leases at two newly completed
office developments in central Paris.


At 53 quai d'Orsay, Paris 7eme, Hammerson has agreed heads of terms to lease the
entire 9,200 m(2) building to a leading international law firm. The lease will
be for a fixed term of ten years. The rent will be €6.8 million per annum,
equivalent to €774/m(2) for the office space, commencing in mid November 2003.


At the adjoining 148 rue de l'Universite, Paris 7eme, Hammerson has exchanged
heads of terms to lease 2,600 m(2) of the 10,300 m(2) building to a leading
international software company for a term of nine years, with a tenant's break
option at the end of six years. The tenant will occupy the first, ground and
lower ground floors. There will be a rent free period of four months and the
annual rent will be €1.8 million, equivalent to €710/m(2) for the office space.


Commenting, John Richards, Chief Executive, said:


             '     I am delighted that we have agreed the terms of these
        transactions with major international businesses. The deals confirm
        Hammerson's position as one of the leading developers of high quality
        office space in the French capital.


                  We are currently in discussions with a number of other
        potential occupiers in respect of the remaining space at 148 rue de
        l'Universite.


                  These transactions and the discussions currently underway,
        demonstrate that there is continuing demand from major international
        occupiers for prime new office accommodation in central Paris.'



Hammerson acquired the original properties on the site in December 1999 and,
following planning approval, commenced the redevelopment of the buildings in
January 2001. 53 quai d'Orsay was completed one month ago and completion of 148
rue de l'Universite is imminent. The total development costs are anticipated to
be approximately €190 million.


        Hammerson was advised by Jones Lang LaSalle.



For further information:


        John Richards, Chief Executive                   Tel: [phone]

Chris Smith, Director of Corporate Affairs


Gerard Devaux, Managing Director, Continental Europe    Tel: [phone]




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